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CDO Deal Of The Year

01 Feb 2008

Dalton CDO The first CDO squared from Dynamic Credit Partners to include short contracts is a $400 million hybrid deal backed by Deutsche Bank, initially issuing half unfunded total return swaps and half floating-rate and subordinate notes. Credit protection was bought on about $130 million of high grade and mezzanine ABS CDO tranches while shorts were not paired with assets in Dalton's long portfolio.

Integral Funding
When liquidity in the CDO market dried up, collateralized loan obligation warehouses were left high and dry. Several banks turned lemons into lemonade by combining unmarketable CLOs into jumbo offerings. Credit Suisse's Integral was the first to do so.

Genesis CLO 2007-1 and Genesis CLO 2007-2

Deutsche Bank's Genesis CLO 2007-1 became the second deal of its kind to close this fall when Deutsche collapsed about a dozen immobile warehouses into the giant, $2 billion CLO managed by Ore Hill Partners. But it was the only one of similar deals from three banks to spur a sequel, the $1.6 billion Genesis 2007-2, which closed in December and is managed by Levine Leichtman Capital Partners.

01 Feb 2008